Litotes

lie-TOE-tees

This offspring of understatement denies an exaggeration. The word comes from the Greek, litos, meaning “plain” or “meager.” (Hardly an over-the-top name, what?) You might call it an ironic form of hyperbole; by denying an exaggeration, the litotes tends to make an exaggeration of its own. An overstated understatement, if you will.